Which of the following statements regarding efficiency gains is FALSE?

Select one:

A. A chief executive of an inefficiently run corporation can be ousted by current shareholders voting to replace the board of directors, and in fact a large number of ineffective managers are replaced in this way.

B. Although identifying poorly performing corporations is relatively easy, fixing them is another matter entirely.

C. A justification that acquirers cite for paying a premium for a target is efficiency gains, which are often achieved through an elimination of duplication.

D. Takeovers relying on the improvement of target management are difficult to complete, and post-takeover resistance to change can be great. Thus not all inefficiently run organisations are necessarily more efficient following a takeover.